New Jersey Statutes 12:7-34.47a. Tax exemption certificate, necessity
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Terms Used In New Jersey Statutes 12:7-34.47a
- Division: means the Division of Motor Vehicles in the Department of Transportation. See New Jersey Statutes 12:7-71
- Owner: means a person, other than a lienholder, having the property in or title to a vessel. See New Jersey Statutes 12:7-71
- Power vessel: means a vessel temporarily or permanently equipped with machinery for propulsion, including a personal watercraft, and shall not include a vessel propelled wholly by sails or by muscular power. See New Jersey Statutes 12:7-71
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
- Vessel: means a boat or watercraft, other than a sea plane on the water, used or capable of being used as a means of transportation on water. See New Jersey Statutes 12:7-71
6. (a) Except as provided in subsection (b) hereof, the owner of every power vessel required to be numbered pursuant to this act shall and the owner of every documented power vessel of 500 gross tons or less which is based within this State may annually apply to the division for a tax exemption certificate for the power vessel and pay the fee for such certificate in this act prescribed, which fee shall be in lieu of any assessment or personal property tax imposed by the laws of this State;
(b) The owners of power vessels used solely for their pleasure and recreation shall not be subject to the requirements of subsection (a) hereof and need not apply for a tax exemption certificate.
L.1965,c.206,s.6; amended 1995,c.401,s.28.